There are times when taking out a payday loan is not a good idea. Such times may occur if you need a substantial amount of money that would be easier to repay over a prolonged period of time or if you find yourself in a financial situation where your money regularly does not last until the end of the month.
When Ends continually fail to meet
If the latter scenario applies to you, taking out a short term loan online could ultimately cause you more problems than you had to begin with. This is one of the reasons responsible lenders like Uncle Buck will check your finances to ensure you are capable of meeting payment schedules before offering you a loan. In this case, you may be better advised to review your monthly budget and make any necessary changes to improve your situation by:
- Seeking extra ways of increasing your income (taking on additional; additional part-time or freelance work, for instance)
- Cutting down your expenses by looking for cheaper retailers; using coupons; not having expensive nights out, and so on)
- Maybe having a garden or car boot sale to generate a little extra cash
Should your finances be in a state where these steps alone cannot resolve your difficulties, you may need to consider getting expert help from organisations like:
- Citizens Advice – (You also should be able to find your local office in your phone book)
- Step Change – Tel.: 0800 138 1111
- National Debtline – Tel.: 0808 808 4000
- Money Advice Service – Tel.: 0300 500 5000
The main thing to remember is that while payday loans can help to overcome short-term, unexpected financial difficulties, they are never a solution to long term problems.
Preventing Increasing Debt
Taking out payday loans when your expenses continually exceed your income is likely to lead you into a vicious circle of continually having to bolster your finances by taking out one loan after the other. As this could eventually result in insurmountable debts, Uncle Buck and other responsible lenders are legally bound to sooner or later refuse you further credit until your situation has improved.